CT HB05511

Executive boards must adopt annual budgets and provide summaries to unit owners at least 30 days before scheduling a vote; budgets are approved unless rejected by a majority of all unit owners, with no quorum requirement affecting approval or rejection.

Special assessments up to 15% of the last adopted periodic budget can take effect without unit owner approval; larger assessments require a vote scheduled 10-60 days after notice, with approval by default if not rejected by a majority of unit owners.

Emergency special assessments can be implemented immediately with a two-thirds board vote, provided notice is given promptly and funds are spent only for the emergency purposes described in the vote.

Loan agreements require the executive board to disclose terms and estimated effects on assessments to unit owners at least 14 days in advance and allow reasonable opportunity for written comments.

Assignments of future income as loan security require a meeting and ballot vote scheduled 10-60 days after loan disclosure; the assignment is approved unless rejected by a majority of unit owners.

Large associations established before July 3, 1991 with over 2,400 residential units use modified approval rules where budgets and special assessments are deemed approved if fewer than 33.33% of eligible unit owners vote to reject them.